BiteBTC Bitcoin Crypto Exchange Looks to Switch Singapore Jurisdiction After Verification Disapproval
BiteBTC to Change Jurisdiction Following Singapore’s Disapproval of their Verification Methods
BiteBTC, a bitcoin and cryptocurrency exchange that was launched just recently and has been operating transparently from Singapore has announced that it will be changing its jurisdiction after the country disapproved of its verification processes.
The exchange platform said that it has been trying for the past few months trying to convince the Monetary Authority of Singapore, Singapore’s financial regulator to revise the verification methods and make them simpler for the clients.
According to the exchange, they have tried their level best to fulfill all of the necessary requirements, produced all the needed documents and gone through the set conditions, but the regulator still refused to listen to their pleas.
This situation brings about a limitation to this exchange as only a small portion of its potential traders can undergo and pass the current verification process and manage to use the exchange. BiteBTC understands that it will have to take some short-term pain to get any long-time benefits and remain compliant. As for now, BiteBTC has realized that it has no option now than to miss out on offering their services to a large pool of their clients.
Here is what the team had to say on their decision to change jurisdiction.
As of the moment, the company plans to stay physically in Singapore, but will change its legal status, legal company as well as their legal address. BiteBTC’s lawyers are now considering offshore jurisdictions such as Gibraltar or Seychelles. In addition to relocating the company’s legal documents and location, the statement continues to say that the exchange will also have to open new bank accounts to receive fiat currencies from their clients. They continue to say that they know this move might have a negative impact on their business, but it’s the only viable option as of the moment. It will take some time, but it’s the best approach towards growing their customer base and their company in general.
On a positive note, the exchange assured their clients that all their balances are safe and that they will continue to use their funds following the strict laws of Singapore. The exchange plans to transfer these funds to new accounts in the new jurisdictions in the near future.